According to a statement, the investment by Canada Pension Plan Investment Board (
CPP Investments is an anchor investor in the new fund.
This is the latest venture between CPP Investments and IndoSpace.
The first joint venture, IndoSpace Core, was established in 2017 and it now owns a large portfolio of stabilized modern logistics assets in India.
CPP Investments has also invested in
Following the investment in ILP IV, the partnership will exceed USD 1 billion in assets.
The new fund ILP IV will add an additional 25-30 million square feet to the IndoSpace portfolio.
ILP IV will focus on India's largest logistics real estate markets like Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune.
The establishment of ILP IV follows on from the first three development funds, which have a combined total of 56 million square feet of modern logistics real estate in India.
Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments, said, "Over the past few years, we have made numerous investments in India's industrial space, where we see strong demand as the manufacturing sector continues to grow and the e-commerce sector matures."
Brian Oravec, Managing Partner and CEO, IndoSpace Capital Asia, said, "CPP Investments' commitment to ILP IV is a testament to IndoSpace's leadership in the industrial and logistics real estate space in India. ILP IV will allow us to continue to expand our unique national network to better serve our customers."
CPP Investments is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan.
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